ABBA First Mortgage News

Rising, rising, rising, Rates just keep on rising. Slowly…but surely.

The question in the minds of many- “Is it too late to refinance our existing mortgage and/or have we missed the boat?”  The answer is found at 910-332-0650 where, and with no obligation, I will show you with a few questions and answers, whether or not it is worth your while to consider this quest based upon your scenario and your goals.  If it is not worth your while, I WILL TELL YOU SO, and the paperwork is done away with.  If the possibilities will save you money and you chose to proceed, then we can do so together and quickly before rates get away any further.

For the week ending March 11, Freddie Mac announced that 30-year fixed rates increased to 3.05% from 3.02% the week before. The average for 15-year loans rose to 2.38% and the average for five-year ARMs increased to 2.77%. A year ago, 30-year fixed rates averaged 3.36%, over 0.25% higher than today. “As the economy improves given labor market optimism, continued vaccination roll-out and additional stimulus pending, mortgage interest rates continued to increase this week. But even as rates rise modestly, the housing market remains healthy on the cusp of the spring homebuying season. Homebuyer demand is strong and, for homeowners who have not refinanced but are looking to do so, they have not yet lost the opportunity,” said Sam Khater, Chief Economist, Freddie Mac.

Note: Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

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